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ASA European Valuation Conference 2018 & WorkshopsThe ASA European Valuation Conference brings the great opportunity to meet, attend valuation workshops and network at the banquets.
13–15 June Prague, Czech Republic
Platinum partner
Gold partners Silver partner
Content Table
Conference timeline ....................................................................................................................................... 3
13–14 June: Valuation workshop with professor Damodaran.................................................................. 4
14 June: Machinery & Equipment and International Valuation Standards workshop .......................... 5
15 June: ASA European Valuation Conference 2018 .................................................................................. 6
13–14 June: Evening banquets ...................................................................................................................... 7
Travel & Accommodation .............................................................................................................................. 9
Contacts and Other information ............................................................................................................... 10
About Prague ................................................................................................................................................11
Partners ........................................................................................................................................................ 12
Conference Timeline
13 June 2018 14 June 2018 15 June 2018
Valuation workshop with professor
DamodaranSlovanský dům, Na Příkopě 22
ASA European Valuation Conference
Slovanský dům, Na Příkopě 22
Valuation workshop with professor
DamodaranSlovanský dům, Na Příkopě 22
Machinery & Equipment and
International Valuation Standards workshop
IES building, Opletalova 26
Evening banquet in Kotva Fashion Club
Fashion Club Kotva, Nám
ěstí Republiky 8
Evening banquetin Lobkow
icz PalaceLobkow
icz Palace, Jiřská 3
– 3 –
9 am 9 am 9 am5 pm 5 pm 6 pm11 pm 11 pm7 pm 7 pm
Valuation Workshop with Professor Damodaran 13–14 June
The workshop will provide powerful insights into the world of valuation and open the fl oor for extensive networking and knowledge sharing. The objective is to provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of applications.
Speaker Aswath Damodaran
General information
Wednesday8:00 am – 9:00 am Registration9:00 am – 5:00 pm Valuation workshop
Thursday8:30 am – 9:00 am Registration9:00 am – 5:00 pm Valuation workshop
Location: Slovanský dům, Na Příkopě 22, Prague 1
The workshop includes workshop materials & presentations, refreshment breaks & lunch
Agenda Day 1
Morning
The Discounted Cash Flow Model
• Setting up the Model
• The Big Picture of DCF Valuation
• Valuation Examples
• The Discount Rate Question
Afternoon
Risk premiums and Betas
• The Cost of Debt
• Estimating Cash Flows, Growth Rates and Growth Patterns
• The Terminal Value
• Closing Thoughts on DCF valuation
Agenda Day 2
Morning
Loose Ends in Valuation
• Cash, Cross holdings and other assets
• The Value of Control, Synergy and Transparency
• The Liquidity Discount
• Employee Stock Options
The Dark Side of Valuation
• Valuing young, growth companies
• Valuing mature companies in transition
• Valuing declining and distressed companies
Afternoon
The Dark Side of Valuation Continued
• Valuing cyclical companies
• Valuing commodity companies
• Valuing fi nancial service companies
• Valuing private businesses
Relative Valuation
• Deconstructing multiples
• Comparable company valuation
• Open Q&A
– 4 –
Machinery & Equipment and International Valuation Standards Workshop 14 June
The workshop will provide powerful insights into the world of Machinery and Equipment. You will get an overview of the relevant IFRS standards of machinery and equipment and key principles of International Valuation Standards. The objective is to demonstrate strengths and weaknesses of each valuation technique and initiate a discussion about their applicability in the context of purchase price allocation.
Speaker Alexander Aronsohn FRICS
Speaker Evžen KörnerDuff & Phelps Germany GmbH
General information
The workshop consists of two separate sections:
• Valuation of Machinery & Equipment
• International Valuation Standards
8:30 am – 9:00 am Registration9:00 am – 5:00 pm M&E and IVS workshop
Location: IES building, Opletalova 26, Prague 1
The workshop includes materials & presentations, lunch at Grandium Prague Hotel & refreshments
Agenda
Valuation of Machinery & Equipment
• Key principles of International Valuation Standards
• Overview of the relevant IFRS standards
• Highest and best use
• Income approach
• Market approach
• Cost approach
• Site visit or desktop valuation
• Liquidation value
– 5 –
lunch
ASA European Valuation Conference 15 June
This year’s conference is about business valuation in Europe with a special focus on start-up companies. We expect delegates from major international corporate fi nance, valuation consulting and other companies with the addition of regulators and other governmental delegates.
General information
8:00 am – 9:00 am Registration9:00 am – 6:00 pm Conference
Location: Slovanský dům, Na Příkopě 22, Prague 1
The conference includes presentations, refreshments & lunch
Agenda
9:00 Introduction Jan Marek & Jeff rey Tarbell
9:15 IVS in a nutshell Alex Aronsohn
9:30 Start-up valuation Andrew Robinson
10:30 Coff ee Break
11:00 Disaggregated Valuation: Sum of the parts to User Based Valuation Aswath Damodaran
12:30 Lunch
1:30 The Streetlight Eff ect and Performativity – Valuing non-listed companies – Some methodological issues Jan Vis
2:30 Valuation of small fi rms in Europe Pekka Hietala
3:30 Coff ee Break
4:00 How start-up valuation diff ers in Europe Jan Marek
4:20 IPO Pricing Petr Koblic
4:50 Key issues and main errors when valuing start-up companies Panel discussion
5:50 Closing remarks Andrew Pike
Speakers
Alex Aronson
Jan Marek
Pekka Hietala
Jeff rey S. Tarbell
AswathDamodaran
Andrew Robinson
Petr Koblic
Jan Vis
– 6 –
Evening Banquets
13 June | Banquet in Kotva Fashion Club terrace with view of the historical centre of Prague
Address: Náměstí Republiky 8, Prague 1 (approx. 5 min. walk from Slovanský dům)For participants of the Valuation workshop and M&E and IVS workshopWelcome drink served from 6 pm, offi cial start at 7 pm
Entrances
– 7 –
Evening Banquets
14 June | Banquet in Lobkowicz Palace founded in the 16th century inside the Prague Castle Area (event sponsored by Business Valuation Resources/BVR)
Address: Jiřská 3, Prague 1 (Prague Castle) (approx. 15 min. ride from Slovanský dům and IES Building and 10 min. walk through the Prague Castle Area)For participants of ASA European Valuation Conference 2018Offi cial start at 7 pm
You can get there on your own by tram number 22. Exit the tram at the ″Pražský Hrad″ stop and walk from Lví Dvůr through the Prague Castle Area. Another option is taking the tram or subway to Malostranska and walking up the hill to Prague Castle via the Castle Stairs – 10-minute walk.
Please, be aware that there are mandatory security checks to get into the Prague Castle Area. The area is closed from 10 pm and only departure via the Na Opyši gate is possible. Only people who have mobility issues can use the mini-bus transportation from the Na Opyši gate to the hotel.The terrain in this area is mostly cobblestone. We, therefore, recommend fl at shoes, as walking in high heels might be uncomfortable.
Bus transportation will be prepared at Náměstí Republiky from 6 pm with departures every 10 – 15 minutes for your convenience.
OR
– 8 –
Toll parking, U Prašného mostu,
Prague 1
Tram stop no. 22, Pražský
hrad, 15 walk
Tram stop no .18, 22, 5, 20, 12,
Malostranská, 10-15 min. walk up via Old
Castle Stairs
Lobkowicz Palace, Jiřská 3, Prague 1
Hradčany square– no parking, drop off only,
10-15 min. walk
Meeting point
Travel & Accommodation
How to get from Václav Havel Airport Prague to your destination
Taxi:Prague airport has organised taxi service you may take from the airport to hotel. The cost is approximately CZK 700 (+/- 100) or EUR 27; EUR 30 is the maximum you should be charged.
Taxi Praha: +420 220 414 414, www.taxi14007.czAirport Fix Taxi: +420 722 555 525, www.fi x-taxi.cz Prague Airport Transfers: (+420) 222 554 211, www.prague-airport-transfers.co.uk
The Prague Airport Transfers Company provides a shuttle bus. The cost is approx. CZK 290 or EUR 11.
Public Transport: The connection between Václav Havel Airport Prague and Prague city centre is provided by public transport bus lines which operate at regular intervals of no more than a few minutes. Bus stops are located directly in front of terminals. To get to Prague city centre the fastest by public transport, we recommend taking the 119 bus (Prague Airport – Veleslavín train station) and changing to metro Line A.
Other options: If you would like to book a hotel limousine, please contact your hotel concierge.
If you arrive by train at the main railway station - Praha hlavní nádraží, there are also possibilities to take a taxi or public transportation – tram number 15 or 26 to Náměstí Republiky.
Accommodation – recommendation
The organisational team of the ASA European Valuation Conference recommends the following hotels. These are located within walking distance from the offi cial conference venue at Slovanský dům.
June is part of the peak season in Prague – we recommend making a reservation as soon as possible.
Hotel Kings Courtwww.hotelkingscourt.cz+420 224 222 888
Grand Hotel Bohemiawww.grandhotelbohemia.cz+420 234 608 111
Hotel Pariswww.hotel-paris.cz+420 222 195 195
Hotel Prague Marriottwww.marriottprague.cz+420 222 888 888
For more information please see www.asaeu.org/conference-2018, tab Travel & Hotels
– 9 –
Contacts and Other information
– 10 –
Debora ZvardonovaTel. +420 730 542 154email: [email protected]
If you have any question, please contact Debora Zvardonova.
ASA European Valuation Conference
Machinery & Equipment and International Valuation Standards Workshop
Valuation Workshop with Professor Damodaran
Contact Other Information
Conference application Myia
Please, download the application Myia which can help you to:
• fi nd all details and updated information about the events• be informed about current changes through the application• easily contact the organiser if you have any questions• chat with other participants • ask questions during the workshops and the conference
Download the application using the QR codes:
Wifi at Venues
Slovanský dům:
Wifi : Slovanský důmPassword: SlovanskyDum01
Lobkowicz Palace:
Wifi : ASA ConferencePassword: asaconference
About Prague
– 11 –
Situated in the northwest of the country on the Vltava River, Prague is the capital and the largest city of the Czech Republic. This magical city of bridges, cathedrals, gold-tipped towers and church spires is also the fourteenth largest city in the European Union. The city is home to about 1.3 million people, but its larger urban zone has approximately a population of nearly 2 million. Since the Middle Ages Prague has cherished its reputation as one of the most beautiful cities in the world as well as the political, cultural, and economic centre of central Europe.
Prague Castle has been an important symbol of the Czech state for more than a thousand years. It was founded in the 9th century and became the seat of Czech rulers and later presidents. The castle, one of the largest complexes in the world, is made up of historical palaces, offi ces, church and fortifi cation buildings, gardens and picturesque spots. It covers an area of 45 hectares. The panoramic view of Prague Castle is one of the most spectacular in the world.
Prague’s oldest bridge was built to replace the Judith Bridge that had been badly damaged by fl oods in 1342. The Stone, or Prague, Bridge, called Charles Bridge since 1870, was begun in 1357 by Charles IV and was completed in 1402. The bridge is built of sandstone blocks, fl anked at each end by fortifi ed towers (Lesser Town Bridge Towers, Old Town Bridge Tower). From 1683 to 1928, 30 statues of saints were carved to decorate the bridge, the most famous of which is the statue of St John of Nepomuk.
Old Town SquareThe most signifi cant square of historical Prague, it was founded in the 12th century and has been witness to many historical events. In addition to the Old Town Hall and the Church of Our Lady before Týn, the square is dominated by the Baroque Church of St Nicholas, the Rococo Kinský Palace, the Gothic House at the Stone Bell and the monument to Jan Hus. Embedded among the paving stones of the square are the Prague meridian and memorial stones marking the execution of 27 Czech lords in 1621.
The Old Town Hall was established in 1338 as the seat of the Old Town administration. The oldest part of the complex consists of a beautiful Gothic tower with a bay chapel and a unique astronomical clock – known as the Orloj – where, every hour between 9 am and 11 pm, the twelve apostles appear. The Gothic Revival eastern wing of the Town Hall was destroyed during the Prague Uprising on 8 May 1945 and was never rebuilt. The guided tour includes the historical halls, the tower and the underground areas.